The COVID-19 pandemic was an unexpected hurdle for the real estate market this past Spring. However, through a pivotal virtual business shift, many still saw success during this time, and this success is going to continue. Get ready for a hot summer and an even hotter real estate market ahead in June, July, and August of 2020.
As Summer begins, data is emerging proving that the market is taking a turn for the better. Realtor.com reported that, “Even with the pandemic raging, a battered economy, and the highest unemployment since the Great Depression, median home list prices still jumped up 3.1% year over year last week.”
Record low mortgages, combined with strong pent up demand from before the pandemic and a new desire to leave urban downtowns due to the pandemic are driving buyers back to the single family home market, said CNBC.
In the first two weeks of March 2020, before the peak of coronavirus, homes were selling 4x faster than they were in 2019. This represents the strong motivation buyers had at the beginning of Spring. While some still went ahead with their plans to buy, many pressed pause, and can be presumed to buy now that the pandemic has steadily decreased for a few weeks, according to Realtor.com.
What would have been an electric Spring market, has now turned into a potentially electric Summer market for the real estate industry.
If you’re looking to buy or sell a home, contact us virtually today as the Summer market gets HOT!